Located along the Ohio River at the mouth of Tygart’s Creek, South Shore, KY is a beautiful small town. Home of Graf Brothers Flooding and Lumber Company, the largest manufacturer of oak products in the world, this city is the ideal place to start a small business. During previous years, there were 340,746 small businesses in Kentucky, providing employment to 686,517 people. Of course, owning a business is always risky. Recently, loss payouts to Kentucky businesses totaled $3,723,405. Make sure your investment is protected with South Shore business insurance.
Our Independent Insurance Agents specialize in helping businesses in South Shore select comprehensive commercial insurance that safeguards against threats like liability and property damage while providing reliable employee benefits and workers' compensation plans. Every South Shore business needs the protection of general liability insurance. General liability insurance is the first type of coverage a business owner needs to consider.
Liability lawsuits happen every day, causing devastating financial damage. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Product liability insurance is a necessity if your company manufactures or sells any type of good. It takes only a single defective product to result in your being involved in an expensive liability lawsuit, but product liability insurance safeguards your business assets.
- Errors & Omissions/Professional Liability: Your business could still be at risk for a liability lawsuit even if it doesn't produce a physical product. For businesses that provide services rather than sell products, professional liability insurance is the best option. This type of coverage protects you against accusations of errors and omissions. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for South Shore Businesses
- Recent Gross domestic product: 2.2%
- Recent Kentucky gross state product: 1.6%
- The recent GSP increase was 0.6% less than the recent GDP increase
Imagine for a moment that a massive flood has swept through South Shore and now you find your business ruined by the rising water. Even after the water recedes, it will take weeks or even months to repair the damage, and in the meantime, you’ll have no choice but to shut down. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. This type of coverage could save your business from permanently closing its doors due to damage and lost revenue. Make sure that your South Shore business insurance policy includes business interruption insurance so that your company can continue to collect income while it is shut down because of a covered event.
Property Insurance for South Shore Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
South Shore is a high-risk area for flooding because it sits very close to the Ohio River. Make sure you’re prepared by investing in commercial property insurance. If your business is damaged by floodwaters, you file a claim with your business insurance company, get the funds you need to make repairs and get back to work as soon as possible.
Workers' Compensation for South Shore Businesses
Before your company hires a single employee, you need to have a workers' compensation policy in place. If an employee is injured while working at your place of business, this policy safeguards your company by paying for medical care and lost wages. Across most of the United States, employers are now legally required to have workers' compensation coverage for their employees.
Employee Coverages for South Shore Businesses
- Total recent spending on premiums in Kentucky: $697,974
- Ranked 25th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,077/person or $15,463/family
The rising cost of health and life insurance benefits puts a serious strain on many small business budgets. This makes it difficult for business owners to find affordable health insurance and life insurance coverage to offer employees. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. By taking time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff.
Cyber Crime Insurance for South Shore Businesses
- 2,358 identity theft complaints in Kentucky in recent years
- Ranked #43 highest for identity theft complaints in the U.S.
Research shows that only 22% of small businesses have a response plan in place to deal with cyber attacks and data breaches. Hackers are a growing problem for small businesses in Kentucky and all across the nation. Make sure you’re prepared with cyber crime insurance. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach. You can get more information about adding cyber crime insurance to your South Shore commercial policy by speaking to your agent.
Contact an Independent Insurance Agent so they can help you find affordable business insurance in South Shore. Our experienced agents can walk you through your options, answer your questions and point you toward the coverages that will best protect your small business against South Shore’s most common threats.
To learn more about your options for South Shore commercial insurance coverage, contact an agent, and get a free rate quote today.